Bulls do not seem tired
EUR has been empowered by Euro-zone’s preliminary manufacturing PMI. On the chart, the price has been sharply ascending within a high slope channel. the channel is not broken to either sides yet. The overall look of the chart is bullish and no trend reversal signal has been issued yet.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The support rests at 1.13600 with resistance at 1.13930 which both lines are above the weekly pivot point at 1.13100. The EMA of 10 is moving with bullish bias in the ascendant channel and it is above the EMA of 200 and the EMA of 100. The RSI is moving in overbought area, the Stochastic is moving in high ranges and the MACD line is above the signal line in the positive territory. The ADX is showing buy signal.
EURUSD may continue its bullish trend towards the upper Bollinger band at 1.14100.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.